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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #21,441
  • Feb 14, 2009 7:02pm Feb 14, 2009 7:02pm
Quoting max pips
Just as a side note, trying to recover to BE is great, just don't chase your losses. Wait for the wins to come in their own time. As someone who bets for a living, I can tell you the best thing to do after a bad run is take a couple of days of and a few big deep breaths,

Max
True, True. I finished reading Market Wizards a week or so ago and one of the interviews the guy said, even after a big winning streak take a break. Because a lot of the time you end up giving it all back + extra. Now I wonder who would've done that?

Hmm

...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #21,442
  • Feb 14, 2009 7:04pm Feb 14, 2009 7:04pm
Quoting [LEFT
jarroo[/left];2539538]Mom . . is that you ?

lol


The DIBS thread just isn't the same without you brother. LOL.

Dang, I've moved away from that thread myself since I'm focusing on J16 price action at the moment.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #21,443
  • Edited 8:51pm Feb 14, 2009 8:34pm | Edited 8:51pm
Quoting LasVahGoose
Your explanation is sound and I agree, but here is a hypothetical... Say you have 10,000 dollar account and you draw down to 8500. You enter a trade and you are back up to 9500. For me, I'd put a tight stop to make sure I lock in that profit as I try to get the account back to 10K. I understand I'm giving up the chance at having the trade go higher (maybe say go to 11k - 12k, etc, etc). but at least the account is closer to being out of draw down thean staying at 8500...

I don't know if that is the best way to do it or not, but that is how I'd...
Again I understand and have been there. Just don't let a loss (or two) get away from your trading plan.

You have a drawdown on your account and you say "I got to win some pips so I capture some instead of taking half off and letting the rest ride". So you take some quick profits and then it goes to the moon (or to the center of the earth.) And you say "why didn't I take half off/other breakeven. Darn it."

If you have banked some profits and half at break even you now in position to add more to your account with no risk. It cannot go negative.

Just something to think about LVG. My approach is getting to a positon of a "free trade" where you have every thing to gain and nothing to lose.
Indicators show the past. Price Action "Indicates" the future.
  • #21,444
  • Feb 14, 2009 8:42pm Feb 14, 2009 8:42pm
Quoting LasVahGoose
The DIBS thread just isn't the same without you brother. LOL.

Dang, I've moved away from that thread myself since I'm focusing on J16 price action at the moment.
Yeah, I'll get back there soon. Same with me with my PA I had a great couple of weeks.

Waiting for the right setup (Patience) really pays off. As it always does.
Indicators show the past. Price Action "Indicates" the future.
  • #21,445
  • Edited 2:58am Feb 15, 2009 2:21am | Edited 2:58am
Hi ya Everyone,

I just wanted to say thanks to James16 for his last video in the guest material section James 16 - Excerpt 2-05-09 Webinar..

This was one excellent video which I recommend all beginning learners like myself should watch and learn as it made so many things a lot clearer which were bugging me for a while and also pointed out a lot of things which I wouldn't have thought about..

1. The importance and relevance of S/R lines..
2. Why only trade the Daily TF when a beginner and avoid the 4HR till your good on Daily TF's..
3. What amount of money you will require to Trade properly..
4. Using the Fib's with confluence..
5. The PPZ zone..
6. Don't rush to Trade every day..
7. Look for the very best trades and why..
8. Treat it like a business..

So as you can see there was a lot of treasures in this video and I'm sure I've forgotten to list some others....
So many thanks once again for this Video James16 it is much appreciated....

Also while i'm here I would like to thank Jarroo, Mbqb11, Ghous and others which I may have forgotten to mention, sorry ..for all of your time and effort and input to this thread as you have all made my learning to trade more organised and understandable as I to am like James16 have lost a load of money which i am embarrased to mention but thanks to you guys giving direction i will be back on the right track I'm sure and into the positive again....

Once again...Thank you all!!

Adrian
  • #21,446
  • Feb 15, 2009 4:37am Feb 15, 2009 4:37am
Quoting aarangio
Hi ya Everyone,

I just wanted to say thanks to James16 for his last video in the guest material section James 16 - Excerpt 2-05-09 Webinar..

This was one excellent video which I recommend all beginning learners like myself should watch and learn as it made so many things a lot clearer which were bugging me for a while and also pointed out a lot of things which I wouldn't have thought about..

1. The importance and relevance of S/R lines..
2. Why only trade the Daily TF when a beginner and avoid the 4HR till your good on Daily TF's..
3. What...
You're welcome Adrian,

Glad you're enjoying the learning process
I believe . . .
  • #21,447
  • Feb 15, 2009 4:38am Feb 15, 2009 4:38am
sorry for the digression...but...

is anybody having problems logging into fxpro mt4 today? I have'nt been able to log in my demo account since this morning
I believe . . .
  • #21,448
  • Feb 15, 2009 4:56am Feb 15, 2009 4:56am
Quoting ghous
sorry for the digression...but...

is anybody having problems logging into fxpro mt4 today? I have'nt been able to log in my demo account since this morning
Never mind...

I got connected...

Regards,
Ghous.
I believe . . .
  • #21,449
  • Feb 15, 2009 6:11am Feb 15, 2009 6:11am
want opinion about my trade. i trade this pb (double) in traffic i enter on break of pb. is this bad trade?

I enter because that mini ppz (orange) look like good resistance.
and weekly look like bounced/hit upper triangle(not clear thought)
That green line below is my target.
thx.



http://clip2net.com/clip/m11297/1234...-clip-15kb.pnghttp://clip2net.com/clip/m11297/1234...-clip-16kb.png
  • #21,450
  • Feb 15, 2009 8:22am Feb 15, 2009 8:22am
I think you are correct in saying that the pinbar is in traffic. Also, the nose of the pinbar does not stick out very far. Its high seems kind of close to the highs of the previous two bars. Ideally, the nose of the pinbar should stick out far from the previous bars.

On the weekly chart, the most recent bar looks like a neutral bar to me. I think this pair has not made up its mind as to which direction it wants to go.

Not an A trade in the opinion of this rookie.

Quoting poplar
want opinion about my trade. i trade this pb (double) in traffic i enter on break of pb. is this bad trade?

I enter because that mini ppz (orange) look like good resistance.
and weekly look like bounced/hit upper triangle(not clear thought)
That green line below is my target.
thx.
  • #21,451
  • Feb 15, 2009 8:25am Feb 15, 2009 8:25am
Quoting poplar
want opinion about my trade. i trade this pb (double) in traffic i enter on break of pb. is this bad trade?

I enter because that mini ppz (orange) look like good resistance.
and weekly look like bounced/hit upper triangle(not clear thought)
That green line below is my target.
thx.

Great setup ....I took it as well and made my money....your target was not correct with the current condtions on the pair ...either way your stop should be at break even so it should not matter if it turns around since Break even is like winning.
  • #21,452
  • Feb 15, 2009 9:18am Feb 15, 2009 9:18am
Quoting poplar
want opinion about my trade. i trade this pb (double) in traffic i enter on break of pb. is this bad trade?

I enter because that mini ppz (orange) look like good resistance.
and weekly look like bounced/hit upper triangle(not clear thought)
That green line below is my target.
thx.
Hi Poplar,

If you're treating it as a pin bar trade I'll have to say it was less than a A trade for me, somewhere down in the B catagory...

The reason is pretty obvious.

The nose as Gator mentioned does'nt point out away from the vicinity of price action, plus the fact that it is'nt long enough does IMo make it a pretty poor setup...

The location however was good, since it occured of 1.25 it had the logic to it. Just one other occasion which proves the fact that location is far more important that bar shape...However since the bar shape is the actual trigger for trades we want this department to be as sanctionary as possible.

With time you'll understand how these type of trades where the bar shape is less of a problem can work, but for ppl starting out playing around with such trades is'nt a good idea.

Good to see you you're in profit and as Shermenator pointed out you should be at breakeven, congrats if you already are

Try finding the more A+ setups that "Jump Out At You" trust me it's worth saving your money till then ask Jarroo....


(oh and BTW for this current trade make sure you're aware of the 1.21 ppz, that's one scary level

Regards,
Ghous.
I believe . . .
  • #21,453
  • Feb 15, 2009 10:25am Feb 15, 2009 10:25am
Quoting mbqb11
I enjoyed reading your post Pip. Forex will bring out the best and worst in our personalities. If you noticed after only a few months some of your flaws you are WAY ahead of the game. You get traders who let their egos get in front of them for years and years, account after account before just giving up. Good to recognize this and take a hold of it early on, will serve you well.

Best
Mike
Once you get out of your own way, and only then, can you be succesful in FX. In anything really, like Pete Carroll says its about the mentality of winning.
Patience + Humility + Study = Success
  • #21,454
  • Feb 15, 2009 10:29am Feb 15, 2009 10:29am
Jim & all J16er's,

This is an excellent thread and results have been unbelievable on my account (Demo) and I still have 1 week left on 1st month. It's been valuable learning PA and the posts here have a vibe to them that is like no other thread, everyone helping with the fighting I have seen elsewhere.

I have noticed several thing about this thread.
1) J16 has it's own language. PA, PPZ, PB, IB, DBHLC, DBLHC, BEOB, BUOB, it feels like "Swinging the Alphabet", but I'm starting to get it.
2) PA can work in any type of trend, even if it's ranging.
3) It works well with my work/trading schedule, check for setups in the morning and evening, set the trade up if setup exists and let it run.

Results so far.
16 trades, 13 winners (81%), 3 losers. The losers were early in the month and bad decisions on a yet to close pin. Account up ~66% at ~3% risk / trade, all from daily TF.

The interesting bit will be the rest of the of the demo as I am switching from MT4 demo to my broker's demo as they have added TS to their demo for testing. As an added bonus, the TS is server based, so it is really set it - forget it, turn off the computer and it will still trail.

The question.
GBPUSD seems to have 2 trends running, one in inside the other for upper part and last pin hit inner and dropped. The last 2 pins the are almost identical mirror images (up/down). Other than a weekend interrupting, would this be a good short indicator depending on next pin?
Attached Image(s) (click to enlarge)
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  • #21,455
  • Feb 15, 2009 11:51am Feb 15, 2009 11:51am
By TS you mean tradestation?

And is this broker Oanda?
  • #21,456
  • Feb 15, 2009 11:55am Feb 15, 2009 11:55am
Quoting enculée
By TS you mean tradestation?

And is this broker Oanda?
TS = Trailing Stop

Yes, only in FXGame at the moment. No date for adding it to FXTrade yet.
  • #21,457
  • Edited 12:20pm Feb 15, 2009 12:09pm | Edited 12:20pm
Quoting Fx_Genius
Jim & all J16er's,

This is an excellent thread and results have been unbelievable on my account (Demo) and I still have 1 week left on 1st month. It's been valuable learning PA and the posts here have a vibe to them that is like no other thread, everyone helping with the fighting I have seen elsewhere.

I have noticed several thing about this thread.
1) J16 has it's own language. PA, PPZ, PB, IB, DBHLC, DBLHC, BEOB, BUOB, it feels like "Swinging the Alphabet", but I'm starting to get...
Hi Fx Gen,

It's good to see the success this thread has blessed you with, and you're abviously not alone Majority of us had some life changing experiences while on this thread...for me some of these lessons had nothing to do with trading...

This thread has changes the way I live

Anyways to discuss the Gu pin...

I don't like the fact that this current bearish pin bar is preceeded by another contradicting pin bar. For me it's like offsetting or abating the effect of both the pins. When you see a bullish pin bar you want price to immediately respect it, when instead of doing this it gives you a conflicting signal, what do you do? or let's say what does common sense point at? Entering the trade and then having to bite the hell out of your nails praying like a maniac for a mircale to occur or to sit on the sidelines and wait for a more pronounced trade signal?

The bullish pin was a poor setup anyway with some heavy resistance just above it at 1.45, so my bias is on the short side helped with this bearish pin bar, but I don't think it's actually tradable flat out. I'll be on the lower tfs scrutinizing the 1.45 price level

Regards,
Ghous.
Attached Image (click to enlarge)
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I believe . . .
  • #21,458
  • Feb 15, 2009 1:42pm Feb 15, 2009 1:42pm
Quoting rustyjeff
well the trade survived, now if the small ppz holds on sunday night i will move the stop to just above it if the immediate lows are tested & broken.
the only main concern is there is a weekly buob, but it is in traffic & doesnt have a good look to it. put it this way, its not something i would give any weight too or trade as is.
the targets lower are marked & as this is against the main trend of US dollar bullish i will trail stops close behind each one.

Looking good now jeff...well done
  • #21,459
  • Feb 15, 2009 2:04pm Feb 15, 2009 2:04pm
Eur/Nok weekly pinbar...little small compared to previous bars, nose could be longer. Location good...61.8 fib and ppz.

Any thoughts?
Attached Image (click to enlarge)
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  • #21,460
  • Feb 15, 2009 2:25pm Feb 15, 2009 2:25pm
Quoting ghous
I don't like the fact that this current bearish pin bar is proceeded by another contradicting pin bar. For me it's like offsetting or abating the effect of both the pins. When you see a bullish pin bar you want price to immediately respect it, when instead of doing this it gives you a conflicting signal, what do you do? or let's say what does common sense point at? [b]Entering the trade and then having to bite the hell out of your nails praying like a maniac for a miracle to occur or to sit on the sidelines and wait for a more pronounced...
Ghous, thanks for your insight, it was kinda what I was thinking but had not seen this formation before. Sitting back watching the race.
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